Butterfly Network, Inc. (NYSE:BFLY), a medical device company with a current market capitalization of $706.3 million, recently filed a report with the Securities and Exchange Commission detailing a stock transaction by its Chief Technology Officer, Andrei G. Stoica. On December 5, Stoica sold 11,277 shares of the company's Class A common stock. The shares were sold at a weighted average price of $3.367 per share, totaling approximately $37,969. According to InvestingPro analysis, BFLY stock has shown remarkable momentum, gaining over 260% in the past six months.
Following this transaction, Stoica holds 1,454,257 shares directly. The sale was conducted under a "sell-to-cover" policy, which automatically sells shares to cover tax withholding obligations related to the vesting of restricted stock units. This transaction was not discretionary on Stoica's part.
The sales prices for the shares ranged from $3.28 to $3.43 per share. Further details on the specific number of shares sold at each price point are available upon request from the SEC, Butterfly Network, or its security holders.
In other recent news, Butterfly Network posted a record $20.6 million in revenue for Q3 2024, showing a 33% increase year-over-year. This growth was largely driven by a surge in product sales, particularly the iQ3 probes, and improved average selling prices. The company has also raised its revenue guidance for 2024, projecting a 20% increase, and has set strategic initiatives to reach cash flow breakeven by 2027 and $500 million in revenue within five years.
In addition to financial growth, Butterfly Network has formed a new subsidiary, Octiv, with the aim to commercialize ultrasound technology in new sectors. The company also anticipates a 15% to 20% top-line growth in 2025 and plans to secure non-dilutive capital through the Powered by Butterfly initiative. Despite the revenue growth, Butterfly Network reported an adjusted EBITDA loss of $8.4 million, but remains on track to achieve cash flow breakeven by 2027.
These recent developments highlight Butterfly Network's robust growth trajectory and innovative approach to achieving long-term financial targets.
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